BARCHART MORNING CALL 1/21

BARCHART MORNING CALL

Tuesday, January 21st, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH14 +0.26%) this morning are up +0.27% and European stocks are up +0.45%. Asian stocks closed mostly higher: Japan +0.99%, Hong Kong +0.45%, China +0.99%, Taiwan -0.25%, Australia +0.69%, Singapore +0.16%, South Korea +0.60%, India +0.22%. Global stocks found support on a plunge in Chinese money-market rates after the PBOC added funds and expanded access to a lending facility after the 7-day repurchase rate had surged 153 bp to a 1-month high of 6.32% on Monday. Another positive for European stocks is reduced sovereign-debt concerns after the yield on Portugal's 10-year government bond fell below 5.00% for the first time since Aug 2010. Gains in European stocks were muted, though, after German Jan investor confidence unexpectedly dropped for the first time in 6 months. Commodity prices are mixed. Feb crude oil (CLG14 +0.37%) is up +0.33%. Feb gasoline (RBG14 +1.69%) is up +1.56%. Feb gold (GCG14 -0.62%) is down -0.45%. March copper (HGH14 -0.60%) is down -0.45%. Agriculture prices are mixed. The dollar index (DXY00 +0.12%) is up +0.13% at a 2-1/4 month high as EUR/USD (^EURUSD) fell -0.22% when German investor confidence unexpectedly fell. USD/JPY (^USDJPY) is up +0.48% after Japanese Economy Minister Amari warned that his country still faced the risk of falling back into deflation, which undercut the yen on speculation the BOJ may press ahead with additional stimulus. March T-note prices (ZNH14 -0.21%) are down -10.5 ticks.
In an attempt to alleviate a liquidity squeeze, the PBOC added more than 255 billion yuan ($42 billion) into the financial system and will allow small and medium-sized Chinese banks to access its Standing Lending Facility for loans of up to 2-weeks on a trial basis before China's Lunar New Year holiday begins on Jan 31.
German Jan ZEW survey expectations unexpectedly slipped -0.3 to 61.7, weaker than expectations of +2.0 to 64.0. Jan ZEW survey current situation rose +8.8 to 41.2, stronger than expectations of +2.6 to 35.0 and the best level in 20-months.
UK Jan CBI trends total orders slipped -14 to -2, weaker than expectations of -2 to 10. Jan CBI trends selling prices rose +9 to a 1-year high of 20, a bigger increase than expectations of +1 to 12. Jan CBI business optimism unexpectedly fell -3 to 21, weaker than expectations of +1 to 25.
German Dec PPI rose +0.1% m/m and fell -0.5% y/y, stronger than expectations of unch m/m and -0.6% y/y.
China Q4 GDP rose +7.7% y/y, a faster pace than expectations of +7.6% y/y.
China Dec industrial production climbed +9.7% y/y, slower than expectations of +9.8% y/y, while China Dec retail sales rose +13.6% y/y, right on expectations.
Japan Nov industrial production was revised downward to -0.1% m/m and +4.8% y/y from the originally reported +0.1% m/m and +5.0% y/y.

U.S. STOCK PREVIEW

Attention this week will mainly focus on earnings reports given the dearth of U.S. economic reports. There are only a few important economic reports this week, all of which will be released on Thursday. Thursday’s reports include the Nov FHFA housing price index (expected +0.3% m/m), Dec existing home sales (expected +1.0%), and Dec leading indicators (expected +0.2%). The Treasury on Thursday will sell $15 billion of 10-year TIPS. The markets will be looking ahead to next week’s FOMC meeting on Tue/Wed where the consensus is that the FOMC will taper QE3 by another $10 billion to $65 billion per month.
There are 13 of the S&P 500 companies that report earnings today with notable reports including IBM (consensus $6.00), Texas Instruments (0.46), Halliburton (0.89), Baker Hughes (0.61), Johnson & Johnson (1.20), Verizon (0.65), Rockwell Collins (0.94), Travelers (2.15). Equity conferences during the remainder of this week include: World Future Energy Summit on Tue-Wed, 13th Annual Pharma Contact Centers Conference on Wed-Thu, World Economic Forum Annual Meeting 2014 on Wed-Thu, and SMi Social Media in the Pharmaceutical Industry on Thu.

OVERNIGHT U.S. STOCK MOVERS

Verizon Communications (VZ -0.37%) reported Q4 EPS of 66 cents, higher than consensus of 65 cents.
Delta Air Lines (DAL -1.61%) reported Q4 EPS of 65 cents, stronger than consensus of 63 cents.
Rockwell Collins (COL +0.69%) reported Q1 EPS of 91 cents, below consensus of 94 cents.
Halliburton (HAL -0.47%) reported Q4 EPS of 93 cents, better than consensus of 89 cents.
Travelers (TRV -0.88%) reported Q4 EPS of $2.68, well ahead of consensus of $2.16.
Regions Financial (RF +0.86%) reported Q4 EPS of 21 cents, stronger than consensus of 20 cents.
Baker Hughes (BHI +0.76%) reported Q4 EPS of 62 cents, better than consensus of 61 cents.
YRC Worldwide (YRCW +2.26%) rose more than 8% in after-hours trading after the Teamsters Union announced a tentative agreement with thwe company.
D. E. Shaw & Co reported a 5.1% passive stake in Tesoro (TSO -0.34%) .
Litespeed reported an 8.1% passive stake in RadioShack (RSH unch) .
Schlumberger (SLB +1.81%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse.
JoS. A. Bank (JOSB +0.66%) board rejected the tender offer from Men's Wearhouse (MW -1.25%) to acquire all outstanding common shares of Jos A. Bank at a price of $57.50 per share in cash, saying the offer is inadequate from a financial point of view and not in the best interest of Jos. A. Bank's stockholders.
Southpaw Asset reported 6.8% passive stake in Comtech (CMTL -1.58%) .
Luxor Capital reported a 6.1% passive stake in AMC Entertainment (AMC -0.30%) .

MARKET COMMENTS

Mar E-mini S&Ps (ESH14 +0.26%) this morning are up +5.00 points (+0.27%). The S&P 500 on Friday closed lower after mixed U.S. economic data kept prices fairly contained. U.S. Dec housing starts fell -9.8% to 999,000 from an upward revised 1.017 million in Nov, slightly less than expectations of -9.7% to 985,000, although Dec building permits fell -3.0% to 986,000, a bigger decline than expectations of -0.3% to 1.014 million. Also, U.S. Jan University of Michigan consumer confidence unexpectedly fell -2.1 to 80.4, weaker than expectations of a +1.0 point increase to 83.5. Closes: S&P 500 -0.39%, Dow Jones +0.25%, Nasdaq 100 -0.55%.
Mar 10-year T-notes (ZNH14 -0.21%) this morning are down -10.5 ticks. Mar 10-year T-note futures prices on Friday closed higher after U.S. Dec building permits, a proxy for future home building, fell more than expected, and after the U.S. Jan University of Michigan consumer confidence unexpectedly declined. Closes: TYH4 +5.0, FVH4 +2.25.
The dollar index (DXY00 +0.12%) this morning is up +0.105 (+0.13%) at a 2-1/4 month high. EUR/USD (^EURUSD) is down -0.0030 (-0.22%). USD/JPY (^USDJPY) is up +0.50 (+0.48%). The dollar index on Friday posted a 2-1/4 month high and closed higher after stronger-than-expected U.S. Dec housing starts bolstered the prospects for the Fed to continue to taper QE3. EUR/USD tumbled to a 1-3/4 month low after the 3-month Euribor rate rose to 0.302%, above the ECB's 2-week refinancing rate of 0.25%, which fueled speculation the ECB may take additional easing measures after ECB President Draghi said earlier this month that the ECB would act to counter an "unwarranted tightening of short-term money markets." Closes: Dollar index +0.315 (+0.39%), EUR/USD -0.0081 (-0.60%), USD/JPY -0.052 (-0.05%).
Feb WTI crude oil (CLG14 +0.37%) this morning is up +31 cents (+0.33%) and Feb gasoline (RBG14 +1.69%) is up +0.0408 (+1.56%). Feb crude oil and gasoline prices on Friday closed higher with Feb crude at a 2-week high on signs of strength in the U.S. economy after Dec housing starts fell less than expected and after Dec industrial production gained for a fifth month. Prices fell back from their best levels after the dollar index rallied up to a 2-1/4 month high. Closes: CLG4 +0.13 (+0.14%), RBG4 +0.0253 (+0.97%).

GLOBAL EVENT CALENDAR01/21/2014

US	0930 ET	IMF releases revisions to its world economic outlook.
	1100 ET	USDA weekly grain export inspections.
GER	0500 ET	German Jan ZEW survey expectations of economic growth expected +2.0 to 64.0, Dec 62.0. Jan ZEW survey current situation expected +2.6 to 35.0, Dec 32.4.
UK	0600 ET	UK Jan CBI trends total orders expected -2 to 10, Dec 12. Jan CBI trends prices expected +1 to 12, Dec 11. Jan CBI business optimism expected +1 to 25, Dec 24.
JPN	2330 ET	Japan Nov all-industry activity index expected +0.3% m/m, Oct -0.2% m/m.

U.S. STOCK CALENDAR01/21/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Halliburton Co	HAL US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.885
Johnson & Johnson	JNJ US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	1.203
Baker Hughes Inc	BHI US	6:00	Q4 2013 Earnings Release	Q4 2013	0.61
Regions Financial Corp	RF US	7:00	Q4 2013 Earnings Release	Q4 2013	0.2
Forest Laboratories Inc	FRX US	7:00	Q3 2014 Earnings Release	Q3 2014	0.031
Verizon Communications Inc	VZ US	7:30	Q4 2013 Earnings Release	Q4 2013	0.651
Rockwell Collins Inc	COL US	7:30	Q1 2014 Earnings Release	Q1 2014	0.943
Delta Air Lines Inc	DAL US	7:30	Q4 2013 Earnings Release	Q4 2013	0.626
Baker Hughes Inc	BHI US	8:00	Q4 2013 Earnings Call	Q4 2013
Verizon Communications Inc	VZ US	8:30	Q4 2013 Earnings Call	Q4 2013
Johnson & Johnson	JNJ US	8:30	Q4 2013 Earnings Call	Q4 2013
Rockwell Collins Inc	COL US	9:00	Q1 2014 Earnings Call	Q1 2014
Travelers Cos Inc/The	TRV US	9:00	Q4 2013 Earnings Call	Q4 2013
Halliburton Co	HAL US	9:00	Q4 2013 Earnings Call	Q4 2013
Delta Air Lines Inc	DAL US	10:00	Q4 2013 Earnings Call	Q4 2013
Forest Laboratories Inc	FRX US	10:00	Q3 2014 Earnings Call	Q3 2014
Regions Financial Corp	RF US	11:00	Q4 2013 Earnings Call	Q4 2013
CA Inc	CA US	16:30	Q3 2014 Earnings Release	Q3 2014	0.711
Texas Instruments Inc	TXN US	16:30	Q4 2013 Earnings Release	Q4 2013	0.464
International Business Machines Corp	IBM US	16:30	Q4 2013 Earnings Call	Q4 2013
CA Inc	CA US	17:00	Q3 2014 Earnings Call	Q3 2014
Xilinx Inc	XLNX US	17:00	Q3 2014 Earnings Call	Q3 2014
Texas Instruments Inc	TXN US	17:30	Q4 2013 Earnings Call	Q4 2013
International Business Machines Corp	IBM US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	5.999
Travelers Cos Inc/The	TRV US		Q4 2013 Earnings Release	Q4 2013	2.152
Xilinx Inc	XLNX US		Q3 2014 Earnings Release	Q3 2014	0.542

Barchart Morning Call 9/5

Barchart Morning Call

BC - 2 hrs 7 mins ago

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU13 -0.05%) this morning are down -0.2%, although European stocks are up +0.30%. Asian stocks closed mixed: Japan +0.08%, Hong Kong +1.22%, China -0.38%, Taiwan +1.06%, Australia -0.37%, Singapore +0.80%, South Korea +0.98%, India +2.22%. Stocks fluctuated over Syrian concerns, while the 10-year German bund yield rose to a 17-month high of 2.00% before today's ECB interest rate decision. Commodity prices are mixed. Oct crude oil (CLV13 +0.48%) is up +0.50% and Oct gasoline (RBV13 -0.17%) is down -0.23%. Dec gold (GCZ13 +0.40%) is up +0.40% and Dec copper (HGZ13 +0.19%) is up +0.48%. Agricultural and livestock prices are mostly lower. The dollar index (DXY00 +0.05%) is unchanged. EUR/USD (^EURUSD) is up +0.04% and USD/JPY (^USDJPY) is up +0.14% at a 6-week high as the yen weakened after BOJ Governor Kuroda said the central bank will act if a proposed tax increase undercuts the economy. December T-note prices (ZNZ13 -0.47%) are down -12 ticks as they followed German bunds lower, with the 10-year T-note yield climbing to a new 2-year high of 2.94%.
As expected, the BOE maintained its benchmark rate at 0.50% and kept its asset purchase target at 375 billion pounds.
German July factory orders fell -2.7% m/m and rose +2.0% y/y, weaker than expectations of -1.0% m/m and +2.9% y/y, although Jun factory orders were revised up to +5.0% m/m and +5.6% y/y from the originally reported +3.8% m/m and +4.3% y/y.
Minneapolis Fed President Kocherlakota, who spoke at an event late Wednesday, hinted that he does not favor cutting stimulus when he said the FOMC's "own forecasts suggest that it should be providing more stimulus to the economy, not less."
The BOJ maintained its current extraordinary monetary policy measures following a 2-day meeting today and upgraded its economic outlook when it said a "moderate recovery" is under way. BOJ Governor Kuroda hinted that the BOJ will act if a proposed sales-tax increase slows the economy when he said if the tax move has a big effect on the economy, "fiscal policy can respond and if downside risks materialize to the 2% inflation target, we will of course take appropriate steps."
In an attempt to lower long-term interest rates and strengthen the rupee, new RBI Governor Rajan announced a plan to provide concessional swaps for banks' foreign-currency deposits, a move that could potentially boost the dollar reserves of the RBI, while India's lower house of parliament tried to stem the outflow of capital from the country after it passed a bill that allows international holdings in the country's pension funds.

U.S. STOCK PREVIEW

Today’s Aug ADP employment report is expected to show an increase of +180,000, down from +200,000 in July. Today’s initial unemployment claims report is expected to show a slight decline of -1,000 to 330,000, adding to last week’s -6,000 decline to 331,000. Today’s July factory orders report is expected to show a decline of -3.4%, more than reversing the +1.5% increase seen in June. Today’s Aug ISM non-manufacturing index is expected to ease by -1.0 points to 55.0, reversing part of the +3.8 point increase to 56.0 seen in July.
There are 3 of the Russell 1000 companies that report earnings today: Cooper Companies (consensus $1.72), Forest City Enterprises (-0.02), VeriFone Systems (0.20). Conferences this week include: 18th Handelsblatt Annual Conference - Banks in Upheaval on Thu, and Scotiabank Financials Conference 2013 on Thu.

OVERNIGHT U.S. STOCK MOVERS

Sherwin-Williams (SHW +0.74%) was upgraded to "Buy" from "Neutral" at Longbow.
The NY Times reports that President Obama prefers to nominate Larry Summers as the next Fed chairman.
Lockheed Martin (LMT +0.52%) was downgraded to "Sector Perform" from "Outperform" at RBC Capital.
Newmont Mining (NEM +0.48%) was downgraded to "Equal Weight" from "Overweight" due to valuation at Barclays.
Viacom (VIAB +0.24%) was downgraded to "Neutral" from "Buy" at B. Riley.
JoS. A. Bank (JOSB +0.33%) reported Q2 EPS of 51 cents, lower than consensus of 52 cents.
Transocean (RIG +0.15%) was upgraded to "Outperform" from "Neutral" at Credit Suisse.
POZEN (POZN +1.34%) jumped jumped 13% in after-hours trading after it announced it had signed a commercialization agreement with Sanofi (SNY +0.63%) .
Greif (GEF +3.27%) reported Q3 EPS of 80 cents, below consensus of 89 cents.
Raging Capital reported a 12.5% passive stake in Standard Register (SR +17.27%) .
Starbucks (SBUX +0.75%) was initiated with an "Outperform" at Wedbush with a price target of $80.

MARKET COMMENTS

Sep E-mini S&Ps (ESU13 -0.05%) this morning are little changed, down -0.25 of a point (-0.02%). The S&P 500 index on Wednesday climbed to a 1-week high and closed higher. Stocks opened higher on signs that there will be no immediate U.S. military attack on Syria after Russian President Putin said he will only support a UN resolution for military strikes against Syria if there's conclusive proof that the Syrian government used chemical weapons on its own people. Stocks moved even higher after the Fed's Beige Book stated that the economy maintained a "modest to moderate" pace of growth. Closes: S&P 500 +0.81%, Dow Jones +0.65%, Nasdaq 100 +1.06%.
Dec 10-year T-notes (ZNZ13 -0.47%) this morning are down -12 ticks as the 10-year T-note yield overnight rose to a new 2-year high of 2.94%. Dec 10-year T-note prices on Wednesday closed lower on reduced safe-haven demand as stocks rallied and on the likelihood that the Fed will start to taper QE later this month after the Beige Book said that spending on cars and housing helped the economy maintain a "modest to moderate" pace of expansion from early July through late August, and that manufacturing expanded "modestly" and hiring "held steady or increased modestly." Closes: TYZ3 -15.00, FVZ3 -12.00.
The dollar index (DXY00 +0.05%) this morning is unch. EUR/USD (^EURUSD) is up +0.0005 (+0.04%) and USD/JPY (^USDJPY) is up +0.14 (+0.14%) at a 6-week high. The dollar index on Wednesday closed lower on reduced safe-haven demand as stocks rallied as the prospects of an immediate U.S. attack on Syria dwindled. The dollar was also undercut after the U.S trade balance widened to a deficit of -$39.1 billion, a bigger deficit than expectations of -$38.6 billion. Closes: Dollar index -0.192 (-0.23%), EUR/USD +0.00365 (+0.28%), USD/JPY +0.185 (+0.19%).
Oct WTI crude oil (CLV13 +0.48%) this morning is up +54 cents (+0.50%) and Oct gasoline (RBV13 -0.17%) is down -0.0065 (-0.23%). Oct crude oil and gasoline prices on Wednesday closed lower on signs that there will be no immediate U.S. military attack on Syria. Russian President Putin said he will only support a UN resolution for military strikes against Syria if there's conclusive proof that the Syrian government used chemical weapons on its own people. Another negative for crude prices in growing speculation the Fed will begin tapering QE later this month, which may slow economic growth and demand for commodities. Closes: CLV3 -1.31 (-1.21%), RBV3 -0.0003 (-0.01%).

GLOBAL EVENT CALENDAR09/05/2013

US	0815 ET	Aug ADP employment change expected +180,000, July +200,000.
	0830 ET	Weekly initial unemployment claims expected -1,000 to 330,000, previous -6,000 to 331,000. Weekly continuing claims expected -5,000 to 2.984 million, previous -14,000 to 2.989 million.
	0830 ET	Revised Q2 non-farm productivity expected +1.6%, previous +0.9%. Revised Q2 unit labor costs expected +0.9%, previous +1.4%.
	0900 ET	Minneapolis Fed President Narayana Kocherlakota speaks at the Economic Indicator Breakfast at the University of Wisconsin Lacrosse.
	1000 ET	July factory orders expected -3.4%, Jun +1.5%.
	1000 ET	Aug ISM non-manufacturing index expected -1.0 to 55.0, July +3.8 to 56.0.
	1100 ET	EIA Weekly Petroleum Status Report.
	1100 ET	Treasury announces amounts of 3-year T-notes (previous $32 billion), 10-year T-notes (previous $24 billion), and 30-year T-bonds (previous $16 billion) to be auctioned Sep 10-12.
	n/a	G-20 leaders begin a 2-day summit in St. Petersburg, Russia.
UK	0430 ET	UK Lloyds Aug employment confidence, July -22.
	0700 ET	BOE announces interest rate decision and asset purchase target (expected no change to 0.50% benchmark rate or to the 375 billion pound asset target).
GER	0600 ET	German July factory orders expected -1.0% m/m and +2.9% y/y, Jun +3.6% m/m and +4.3% y/y.
EUR	0745 ET	ECB announces interest rate decision (expected no change to the 0.50% 2-week refinancing rate).
	0830 ET	ECB President Draghi holds press conference following ECB meeting.
JPN	n/a	BOJ announces interest rate decision following 2-day meeting.

U.S. STOCK CALENDAR09/05/2013

Company Name	Ticker	Time	Event Description	Period	Estimate
Fastenal Co	FAST US	7:00	August 2013 Sales and Revenue Release	2013
L Brands Inc	LTD US	7:30	August 2013 Sales and Revenue Call	2013
Theravance Inc	THRX US	8:30	TD-4208 Phase 2b study Results Call
Stryker Corp	SYK US	9:00	Analysts Meeting	Y 2013
Greif Inc	GEF US	10:00	Q3 2013 Earnings Call	Q3 2013
Forest City Enterprises Inc	FCE/A US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	-0.015
VeriFone Systems Inc	PAY US	Aft-mkt	Q3 2013 Earnings Release	Q3 2013	0.204
Gap Inc/The	GPS US		August 2013 Sales and Revenue Release	2013
L Brands Inc	LTD US		August 2013 Sales and Revenue Release	2013
Walgreen Co	WAG US		August 2013 Sales and Revenue Release	2013
Costco Wholesale Corp	COST US		August 2013 Sales and Revenue Release	2013
AutoNation Inc	AN US		August 2013 Sales and Revenue Release	2013

Barchart Morning Call 8/16

Barchart Morning Call

BC - Fri Aug 16, 6:45AM CDT

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU13 +0.32%) this morning are up +0.24% and European stocks are up +0.08%. Asian stocks closed mostly lower: Japan -0.75%, Hong Kong -0.10%, China -0.75%, Taiwan +0.48%, Australia -0.75%, Singapore -0.73%, South Korea -0.24%, India -3.97%. China's Shanghai Stock Index closed down -0.75% after being up +5.6% when a trading error at Everbright Securities spurred a 53% surge in trading volumes. India's Sensex Stock Index sank -3.97%, its biggest plunge since Sep 2011, as Indian banking stocks tumbled on concern that measures taken by the Reserve Bank of India (RBI) to bolster the rupee are failing. The rupee dropped to a record 62.005 per dollar today and has slumped -4.4% in the past 3-weeks even after the RBI tightened the cash supply, restricted currency derivatives and curbed gold imports. Commodity prices are mixed. Sep crude oil (CLU13 +0.20%) is up +0.05% and Sep gasoline (RBU13 +0.29%) is up +0.04%. Dec gold (GCZ13 +0.22%) is up +0.05% at a 1-3/4 month high, and Sep copper (HGU13 +0.67%) is up +0.85%. Agricultural and livestock prices are mixed. The dollar index (DXY00 +0.08%) is up +0.06%. EUR/USD (^EURUSD) is down -0.07% and USD/JPY (^USDJPY) is up +0.06%. September T-note prices (ZNU13 -0.21%) are down -4 ticks.
The Eurozone Jun trade surplus widened to 14.9 billion euros from a 13.8 billion euro surplus in May. June exports rose a seasonally adjusted +3.0% m/m, their first increase in 3-months, from a -2.6% m/m decline in May. June imports rose +2.5% m/m after a -2.1% decline in May.
The July Eurozone CPI fell -0.5% m/m, right on expectations and the biggest decline in 6-months. The Eurozone CPI was left unrevised at +1.6% y/y and the July core CPI was also left unrevised at the originally reported +1.1% y/y.

U.S. STOCK PREVIEW

Today’s early-Aug U.S. consumer confidence index from the University of Michigan is expected to show a +0.1 point increase to 85.2, adding to the +1.0 point increase to 85.1 seen in July.  Today’s July housing starts report is expected to show an increase of +7.7% to 900,000, reversing some of the sharp -9.9% decline to 836,000 seen in June.  Today’s Q2 non-farm productivity report is expected to improve to +0.6% from +0.5% in Q1.  None of the Russell 1000 companies report earnings today.  There are no equity conferences today.

OVERNIGHT U.S. STOCK MOVERS

Linear Technology (LLTC -1.31%) was upgraded to "Overweight" from "Equal Weight" at Morgan Stanley who also raised its price target on the stock to $48 from $40.
Xilinx (XLNX -2.33%) was upgraded to "Overweight" from "Equal Weight" at Morgan Stanley who also raised its price target on the stock to $40 from $38.
Pandora (P -3.50%) was upgraded to "Buy" from "Neutral" with a price target of $27 at Goldman.
Anadarko (APC +0.25%) was upgraded to "Strong Buy" from "Buy" at ISI Group.
Alcoa (AA unch) was downgraded to "Underperform" from "Neutral" at BofA/Merrill.
General Mills (GIS -2.88%) was downgraded to "Underperform" from "Hold" at Jefferies.
STMicroelectronics (STM -1.52%) was downgraded to "Underweight" from "Neutral" at HSBC.
JoS. A. Bank (JOSB -1.76%) fell 5% in after-hours trading after it lowered its Q2 EPS estimate to 49 cents-53 cents, well below consensus of 68 cents.
Gabelli reports 5.09% stake in Lennar (LEN +5.12%) .
Nordstrom (JWN -0.35%) fell over 3% in after-hours trading after it reported Q2 EPS of 93 cents, stronger than consensus of 88 cents, but then lowered guidance on fiscal 2013 EPS view to $3.60-$3.70 from $3.65-$3.80, lower than consensus of $3.78.
Applied Materials (AMAT -2.61%) reported Q3 adjusted EPS of 18 cents, weaker than consensus of 19 cents.
Dell (DELL -0.15%) reported Q2 adjusted EPS of 25 cents, better than consensus of 24 cents.

MARKET COMMENTS

Sep E-mini S&Ps (ESU13 +0.32%) this morning are up +4.00 points (+0.24%). The S&P 500 index on Thursday tumbled to a 1-month low and closed lower on concern that stronger-than-expected Eurozone and U.S. economic data will prompt the Fed to taper QE3 soon. U.S. weekly jobless claims fell -15,000 to a 5-3/4 year low of 320,000, while the Aug NAHB housing market index rose +3 to a 7-3/4 year high of 59. Other bearish factors included a slide in technology stocks after bellwether Cisco said its fiscal Q1 revenue will be lower than consensus, and after retail stocks fell when Wal-Mart cut its full-year EPS forecast. Closes: S&P 500 -1.43%, Dow Jones -1.47%, Nasdaq 100 -1.70%.
Sep 10-year T-notes (ZNU13 -0.21%) this morning are down -4 ticks. Sep 10-year T-note prices on Thursday fell to a 5-week low and the 10-year T-note yield surged to a 2-year high of 2.82% after U.S. weekly jobless claims fell to their lowest level in 5-3/4 years and after the Aug NAHB housing market index climbed to its best level in 7-3/4 years. T-note prices rose from their worst levels after July industrial production was unchanged (weaker-than-expectations of +0.3%) and after the Aug Philadelphia Fed manufacturing index fell more than expected. Closes: TYU3 -9.0, FVU3 -7.25.
The dollar index (DXY00 +0.08%) this morning is up +0.052 (+0.06%). EUR/USD (^EURUSD) is down -0.0010 (-0.07%) and USD/JPY (^USDJPY) is up +0.06 (+0.06%). The dollar index on Thursday posted a 1-week high after initial unemployment claims fell to a 5-3/4 year low, but gave up its advance and closed lower after July industrial production unexpectedly stagnated. Closes: Dollar index -0.547 (-0.67%), EUR/USD +0.00917 (+0.69%), USD/JPY -0.771 (-0.79%).
Sep WTI crude oil (CLU13 +0.20%) this morning is up +5 cents (+0.05%) and Sep gasoline (RBU13 +0.29%) is up +0.0011 (+0.04%). Sep crude oil and gasoline prices on Thursday climbed to 2-week highs and settled higher on concern that the civil unrest in Egypt will escalate and threaten the supplies of Middle East crude oil through the Suez Canal. Other bullish factors included (1) the weaker dollar and (2) the decline in U.S. weekly jobless claims to a 5-3/4 year low. Closes: CLU3 +0.48 (+0.45%), RBU3 +0.0015 (+0.05%).

GLOBAL EVENT CALENDAR08/16/2013

US	0830 ET	Q2 non-farm productivity expected +0.6%, Q1 +0.5%. Q2 unit labor costs expected +1.2%, Q1 -4.3%.
	0830 ET	July housing starts expected +7.7% to 900,000, Jun -9.9% to 836,000. July building permits expected +2.9% to 945,000, Jun -6.8% to 918,000.
	0955 ET	Preliminary U.S. Aug University of Michigan consumer confidence expected +0.1 to 85.2, July +1.0 to 85.1.
EUR	0500 ET	Revised Eurozone July CPI, previous +0.1% m/m and +1.6% y/y. Revised July core CPI, previous +1.1% y/y.
	0500 ET	Eurozone Jun trade balance (sa), May +14.6 billion euros.
CHI	2130 ET	China July property prices.
UK	1901 ET	UK Aug Rightmove house prices, July +0.3% m/m and +4.8% y/y.
JPN	1950 ET	Japan July trade balance expected -803.0 billion yen, Jun -182.3 billion yen. July exports expected +15.4% y/y, Jun +7.4% y/y. July imports expected +18.9% y/y, Jun +11.8% y/y.

U.S. STOCK CALENDAR08/16/2013

Company Name	Symbol	Time	Event Description	Period	EPS Est (US$)
Microchip Technology Inc	MCHP US	12:00	Annual General Meeting	Y 2013

Barchart Morning Call 5/31

Barchart Morning Call

Thu, 31 May 2012 07:00:00 -0500

Overnight Developments

• June E-mini S&Ps are trading mildly higher by 5.00 points (+0.38%) on today's 0.46% rally in European stocks and some short-covering after yesterday's sharp losses. Commodity prices are mixed with crude oil up +0.20%, gasoline down -0.30%, gold up +0.11%, copper down -0.03%, and agricultural commodities mixed. June 10-year T-notes are slightly lower by 1.5 ticks. The dollar index is mildly lower by -0.19% while the euro is up +0.30%.
• Euro Stoxx 50 is up +0.46% this morning as German retail sales were stronger than expected and the German unemployment rate fell to a new two-decade low of 6.7%. Asian stocks today closed mostly lower following Wednesday's weak U.S. stock market session: Japan -1.05%, Hong Kong -0.32%, China -0.39%, Taiwan +0.55%, Australia -0.44%, Singapore -0.41%, South Korea -0.26%, India -0.57%, Turkey +0.93%.
• Ireland's voters are going to the polls today to vote on the EU fiscal compact, which is a constitutional balanced budget requirement. Opinion polls indicate the measure should be approved by a comfortable margin. However, a surprise "no" vote would be a disaster for Ireland because it would then be unable to tap the Eurozone bailout funds again after 2013 when its current bailout package expires. The results of today's vote are not expected to be known until tomorrow.
• Japan's April industrial production rose +0.2% m/m, which was weaker than market expectations of +0.5% m/m. However, Japan's April housing starts report of +10.3% to 896,000 units was stronger than market expectations of +3.2% to 838,000.
• German April retail sales rose +0.6% m/m, which was stronger than market expectations of +0.2%. In addition, March retail sales were revised higher to +1.6% m/m from +0.8%.
• The German unemployment report was mixed. The German May unemployment rate eased to a two-decade low of 6.7% versus expectations for an unchanged report of 6.8%. However, German unemployment was unchanged, which showed a less favorable labor market than expectations for a decline of -7,000.
• Eurozone May CPI eased to +2.4% y/y from +2.6% and was weaker than expectations of +2.5%, which provided a slightly better inflation picture and may give the ECB a little more room for further monetary policy accommodation.
• India's Q1 GDP eased to a 9-year low of +5.3% y/y, which was weaker than market expectations of +6.1% y/y and down from Q4's report of +6.1% y/y. India's economy has been slowed by weaker investment, fiscal austerity with a cut in the budget deficit to 5.1% of GDP in the current fiscal year from 5.9% last year, and the European debt crisis, which has undercut export prospects. India's central bank has limited room to cut interest rates because of the high +7.23% y/y inflation rate in April.
• Iran tore down two buildings at its Parchin military complex near where Iran is suspected to have tested explosions on how to trigger a nuclear weapon, according to a report by the Institute for Science and International Security. Iran continues to ban IAEA inspectors from visiting the Parchin site.
  Market Comments
  • June E-mini S&Ps this morning are trading mildly higher by 5.00 points as the market sees a little relief rally and as European stocks are trading mildly higher. U.S. stocks on Wednesday closed sharply lower: S&P 500 -1.43%, Dow Jones -1.28%, Nasdaq 100 -0.84%. Bearish factors on Wednesday included (1) the sharp 5.8% drop in April U.S. pending home sales versus expectations of unchanged, (2) rising concern about Spain's bungling of its banking system crisis and the increasing chances that Spain will need a bailout, (3) the 2.3 point drop in the European May economic confidence index to a 2-1/2 year low of 90.6 from 92.9 in April, and (4) general concern that the wheels are coming off the Eurozone with sharp increases yesterday in Spanish and Italian bond yields.
  • June 10-year T-notes this morning are down 1.5 ticks as safe-haven buying is taking a breather with today's mildly higher trade in E-mini S&Ps. T-note prices on Wednesday closed sharply higher: TYM2 +27, FVM2 +11.25. The 10-year T-note yield on Wednesday dropped sharply to a new record low of 1.62%. U.S. T-notes, like German bunds, are seeing heavy safe-haven demand as investors dump stocks and flee to the safety of AAA (German) or AA+ (American) government securities. T-notes are also seeing strength as the recent bout of European trouble along with slower global economic growth increases the chances that the Fed in June will extend its Operation Twist program or start a new securities purchase program.
  • The dollar index this morning is down -0.16 points (-0.19%) and EUR/USD is up -0.00037 (+0.30%) on a pause in the safe-haven trade. USD/JPY is down -0.24 (-0.30%). The dollar index on Tuesday closed slightly higher after edging to a new 1-2/3 year high: Dollar Index +0.54 (+0.65%), EUR/USD -0.0136 (-1.09%), USD/JP-0.42 (-0.50%). The dollar index on Wednesday continued to rally on safe-haven demand and posted a new 1-2/3 year high. Meanwhile, EUR/USD fell sharply to a new 2-year low as investors engaged in wholesale capital flight from euro-denominated investments.
  • July WTI crude oil prices this morning are slightly higher by +0.18 (+0.20%) going into today's weekly DOE report. The market is looking for an increase in today's weekly DOE crude oil inventory figure, although the API's crude oil inventory figure yesterday fell by 350,000 barrels. July gasoline prices this morning are down -0.82 (-0.30%). July crude oil and gasoline prices on Wednesday closed sharply lower: CLN12 -2.94 (-3.24%), RBN2 -0.0596 (-2.10%). Bearish factors for crude oil included pessimism about the world economy and expectations for another increase in U.S. crude oil inventories in Thursday's weekly DOE report to a new 21-3/4 year high. Saudi Oil Minister al-Naimi is getting his wish for $100 Brent crude oil prices as July Brent crude oil yesterday fell to $103.47. July WTI crude oil on Wednesday fell to a new 7-month low while July gasoline fell to a new 5-month low.
  • For the full subscription version of this daily report (plus a 13-page big-picture weekly report), along with the earliest possible delivery in the morning, please visit http://www.barchart.com/register/crbfms_usmc.php
    Today's U.S. Earnings Reports Earnings reports (sorted by mkt cap): JOY-Joy Global (consensus $1.96), SAI-SAIC (0.33), ASNA-Ascena Retail (0.36), ESL-Esterline Tech (1.28), JOSB-Jos A Bank (0.79).
    Global Financial Calendar
    

    Thursday 5/31/12
    United States
    0730 ET	May Challenger job cuts, Apr 11.2%.
    0800 ET	Fed's Pianalto speaks on monetary policy in Cleveland.
    0815 ET	May ADP employment expected +150,000, Apr +119,000.
    n/a	May ICSC chain store sales, Apr +0.6% y/y.
    0830 ET	Weekly initial unemployment claims expected unchanged at 370,000, previous -2,000 to 370,000. Weekly continuing claims expected -10,000 to 3.250 mln, previous -29,000 to 3.260 mln.
    0830 ET	Q1 GDP expected revised to +1.9% from +2.2%. Q1 personal consumption unrevised at +2.9%. Q1 GDP price index expected unrevised at 1.5%. Q1 core PCE, last +2.1%.
    0830 ET	USDA weekly exports.
    0945 ET	May Chicago Purchasing Managers index expected +0.7 to 56.9, Apr -6.0 to 56.2.
    1000 ET	May Milwaukee NAPM index expected +0.5 to 53.4, Apr 52.9.
    1030 ET	DOE Weekly Petroleum Status Report (postponed one day due to Monday's holiday).
    1030 ET	DOE natural gas storage.
    1630 ET	Weekly money supply report and Fed balance sheet.
    Japan
    0000 ET	Japan Apr vehicle production, Mar +143.7% y/y.
    0100 ET	Japan Apr construction orders, Mar -0.3% y/y.
    0100 ET	Japan Apr housing starts expected +3.2% to 838,000, Mar +5.0% to 848,000.
    1950 ET	Japan Q1 capital spending expected +1.0%, Q4 +7.6%. Q1 capital spending ex-software expected -0.1%, Q4 +4.9%.
    Germany
    0200 ET	German Apr retail sale expected +0.2% m/m and +0.3% y/y, Mar +1.6% m/m and +2.3% y/y.
    0355 ET	German May unemployment rate expected 6.8%, Apr 6.8%. May unemployment change expected -7,000, Apr +19,000.
    Euro-Zone
    0500 ET	Eurozone May CPI expected +2.5% y/y, Apr +2.6% y/y.
    United Kingdom
    0200 ET	UK May nationwide house prices expected +0.1% m/m and -1.1% y/y, Apr -0.2% m/m and -0.9% y/y.
    IRE
    n/a	Ireland holds referendum on EU fiscal pact.
    CHI
    2100 ET	China May manufacturing PMI expected -1.3 to 52.0, Apr 53.3.
    2230 ET	China May HSBC manufacturing PMI, Apr 49.3.

    Barchart.com provides Financial Quotes, Charts and Technical Analysis for Stock and Commodity Traders.

Barchart Morning Call 3/29

Barchart Morning Call

Barchart.com - 2 hrs 33 mins ago

Overnight Developments

• Global stocks this morning are lower with the Euro Stoxx 50 down -0.83% and Jun S&Ps down -5.00 points. The dollar and Treasuries rose while stocks and commodities declined after the head of sovereign ratings at Standard & Poor's said Greece will probably have to restructure its debt again and this may involve bailout partners such as European governments. The IMF mission chief to Greece added that while the country has made an "aggressive" fiscal adjustment, it will take at least a decade to fully complete the country's restructuring. Another negative for European stocks and the euro was the unexpected -0.1 point decline in Mar Euro-Zone economic confidence to 94.4, weaker than expectations of +0.1 to 94.5. On the positive side, Mar German unemployment fell -18,000, more than expectations of -10,000, while the Mar unemployment rate unexpectedly fell -0.1 to 6.7%, better than expectations of unchanged at 6.8% and the lowest since data for a reunified Germany began in 1991. Crude oil prices declined after French Premier Fillon told France Inter Radio that the prospects of an accord between the U.S. and Europe on tapping strategic oil reserves are "good."
• Asian stocks today closed lower with Japan down -0.67%, China -1.28%, Australia -0.13%, South Korea -0.93%, India -0.37%. Asian stocks closed lower on concerns China's economic slowdown is weighing on company earnings and after U.S. durable goods orders rose less than expected. The yen rose against the dollar, which weakened Japanese exporters, on speculation Japanese companies will repatriate overseas earnings before the end of the fiscal year on Mar 31. A bullish factor for Japanese stocks was the +2.0% m/m and +3.5% y/y increase in Feb Japan retail sales, stronger than expectations of unchanged m/m and +1.4% y/y, with the +3.5% y/y increase the biggest gain in 1-1/2 years. China's Shanghai Stock Index slipped to a 2-1/4 month low on concern the slowing economy is undercutting company earnings. Data from Bloomberg show 505 companies in the Shanghai Composite have released annual earnings with an average profit growth of 17%, compared with 38% growth in the previous year.

Overnight U.S. Stock News

• June S&Ps this morning are trading down -5.00 points. The U.S. stock market Wednesday retreated after durable goods orders rose less than forecast and after a slide in crude oil drove energy producers lower: Dow Jones -0.54%, S&P 500 -0.49%, Nasdaq Composite -0.49%. The Nasdaq rallied up to an 11-year high early, but gave up its advance and closed lower. Bearish factors Wednesday included (1) the smaller-than-expected increase in Feb U.S. durable goods orders (+2.2% and +1.6% ex transportation, weaker than expectations of +3.0% and +1.7% ex transportation), (2) weakness in energy producers after a surge in weekly DOE crude inventories sent oil prices tumbling, and (3) global growth concerns after Q4 U.K. and French GDP were revised lower.
• Bullish factors Wednesday included (1) reduced European sovereign debt concerns after Italy auctioned 8.5 billion euros of T-bills at 1.119%, the lowest yield in 1-1/2 years and after Italian Prime Minister Monti said that the Euro-Zone's debt woes are "almost over," and (2) a rally in oil-tanker companies after Dahlman Rose & Co. said the industry's asset prices may gain as much as 20% within a year as sanctions targeting Iran's crude exports alters trading patterns and reduces a glut in global oil tanker fleets.
• Mosaic (MOS) fell 2.2% in European trading after the company reported Q3 EPS of 64 cents a share, weaker than analysts' estimates of 69 cents, citing lower potash volumes and higher phosphate raw-material costs.

Today's Market Focus

• June 10-year T-notes this morning are up +5 ticks. T-note prices Wednesday moved higher into early afternoon after the Fed bought long-term Treasuries as part of its Operation Twist program and Feb durable goods orders rose less than expected but prices faded into the close and settled little changed on lackluster demand for the Treasury's $35 billion 5-year T-note auction: TYM2 -0.5, FVM2 -1.0, EDU2 -0.5. Bullish factors Wednesday included (1) the smaller-than-expected increase in Feb U.S. durable goods orders (+2.2% and +1.6% ex transportation, weaker than expectations of +3.0% and +1.7% ex transportation), and (2) the Fed's purchase of $4.81 billion of Treasuries as part of its Operation Twist program to replace $400 billion of short-term debt in its portfolio with longer-term Treasuries in an attempt to keep borrowing costs low. Bearish factors included (1) reduced safe-haven demand for Treasuries as European sovereign-debt concerns eased after Italy auctioned 8.5 billion euros of T-bills at 1.119%, the lowest yield in 1-1/2 years, (2) slack demand for the Treasury's $35 billion auction of 5-year T-notes that had a bid-to-cover ratio of 2.85, weaker than the 12-auction average of 2.89, and (3) supply pressures ahead of the Treasury's $29 billion auction of 7-year T-notes on Thu.
• The dollar index this morning is higher with the dollar/yen -0.66 yen and the euro/dollar -0.42 cents. The dollar index Wednesday strengthened after the euro and British pound declined when Q4 U.K. and French GDP were revised lower along with increased safe-haven demand for the greenback after stocks moved lower: Dollar Index +0.079, USD/JPY -0.279, EUR/USD +0.00020. Bullish factors included (1) weakness in the British pound and the euro after Q4 U.K. and French GDP were revised lower, and (2) increased safe-haven demand for the dollar after stocks declined. Bearish factors included (1) euro positive comments from Italian Prime Minister Monti who said that the Euro-Zone's debt woes are "almost over" after a slow initial response by policy makers, (2) Italy's auction of 8.5 billion euros of T-bills at 1.119%, the lowest yield in 1-1/2 years, which reduces the safe-haven demand for the dollar as European debt concerns ease, and (3) a draft statement for Euro-Zone finance ministers that said European governments are preparing for a 1-year increase in the ceiling on rescue funds to 940 billion euros to combat the European debt crisis, which is euro supportive.
• May crude oil prices this morning are down -64 cents a barrel and May gasoline is +0.10 of a cent per gallon. Crude oil and gasoline prices Wednesday tumbled as the dollar rose and after weekly DOE crude oil inventories climbed by the most since July 2010: CLK12 -$1.92, RBK -2.43. Bearish factors included (1) the stronger dollar, which diminishes investment demand in commodities, (2) the surge in weekly DOE crude stockpiles by the most in 20-months to a 7-month high (+7.10 million bbl to 353.4 million bbl versus expectations of +2.7 million bbl), (3) a possible release of SPR supplies in an attempt to curb rising oil prices after French Budget Minister Pecresse said "France is accompanying the U.S. and U.K. in an IEA consultation that could allow the release of strategic oil reserves in order to break the rising price spiral," and (4) the downward revisions to Q4 U.K. and French GDP, which indicates reduced energy consumption. Bullish factors included (1) the larger-than-expected decline in weekly DOE gasoline supplies (-3.54 million bbl versus expectations of -1.55 million bbl) and (2) increased crude consumption in Japan, the world's third-largest oil consumer, after data showed Japan's utilities use of crude oil for generating power rose +118% in 2011 to 8.8 million kiloliters, or a 4-year high of 400,000 barrels a day, as it runs out of capacity to use liquefied natural gas as a stopgap for idled nuclear-power plants.

Today's U.S. Earnings Reports Earnings reports (confirmed releases, sorted by mkt cap): BBY-Best Buy (BEST earnings consensus $2.15), TIBX-TIBCO Software (0.19), FCE-Forest City Enterprises (0.32), SHAW-Shaw Group (0.45), JOSB-JOS A Bank Clothiers (1.58), WOR-Worthington Industries (0.35), NAT-Nordic American Tankers Ltd. (-0.33), CASC-Cascade (1.09), MOV-Movado Group (0.10), XRTX-Xyratex Ltd. (0.26), MAPP-MAP Pharmaceuticals (-0.31).
Global Financial Calendar

Thursday 3/29/12
United States
0830 ET	Weekly initial unemployment claims expected +2,000 to 350,000, previous -5,000 to 348,000. Weekly continuing claims expected -2,000 to 3.350 million, previous -9,000 to 3.352 million.
0830 ET	Revised Q4 U.S. GDP expected no change at +3.0% annualized, previous +3.0% annualized. Q4 personal consumption, previous +2.1%. Q4 GDP price index, previous +0.9%. Q4 core PCE, previous +1.3% q/q.
1030 ET	Richmond Fed President Jeffrey Lacker delivers introductory remarks at the Richmond Fed?s 2012 credit markets symposium on ?Reviving the Credit Markets.?
1215 ET	Atlanta Fed President Dennis Lockhart speaks on ?The European economic crisis and how it affects you? at a panel discussion at Emory University in Atlanta.
1245 ET	Fed Chairman Ben Bernanke delivers a lecture (4 of 4) at George Washington University School of Business on ?The Federal Reserve and its Role in Today?s Economy.?
1300 ET	Treasury auctions $29 billion 7-year T-notes.
1300 ET	Philadelphia Fed President Charles Plosser speaks on the economic outlook to business leaders at the Rotary Club of Wilmington, DE.
1630 ET	Weekly money supply report and Fed balance sheet.
1845 ET	Richmond Fed President Jeffrey Lacker speaks to bankers and students from the University of North Carolina School of Law?s Center for Banking and Finance.
Germany
0355 ET	Mar German unemployment change expected -10,000, Feb unchanged. Mar unemployment rate expected unchanged at 6.8%, Feb unchanged at 6.8%.
United Kingdom
0430 ET	Feb U.K. net consumer credit expected +0.2 billion pounds, Jan +0.1 billion pounds.
0430 ET	Feb U.K. mortgage approvals expected +57,200, Jan +58,700.
0430 ET	Feb U.K. M4 money supply, Jan +1.6% m/m and -1.8% y/y.
0430 ET	Jan U.K. index of services expected +0.2% m/m and +0.3% 3-mo/3-mo, Dec +0.2% m/m and unchanged 3-mo/3-mo.
1901 ET	Mar U.K. GfK consumer confidence survey expected unchanged at -29, Feb unchanged at -29.
Euro-Zone
0500 ET	Mar Euro-Zone economic confidence expected +0.1 to 94.5, Feb +1.0 to 94.4. Mar business climate indicator expected +0.02 to -0.16, Feb +0.03 to -0.18.
0500 ET	Revised Mar Euro-Zone consumer confidence expected no change at -19.0.
Canada
0830 ET	Feb Canada industrial product prices expected +0.5% m/m, Jan +0.3% m/m.
0830 ET	Feb Canada raw materials price index expected +0.4% m/m, Jan +0.1% m/m.
Japan
1915 ET	Mar Japan Markit/JMMA manufacturing PMI, Feb -0.2 to 50.5.
1930 ET	Feb Japan jobless rate expected unchanged at 4.6%, Jan +0.1 to 4.6%. Feb job-to-applicant ratio expected 0.74, Jan0.73.
1930 ET	Feb Japan overall household spending expected -0.5% y/y, Jan -2.3% y/y.
1930 ET	Mar Tokyo CPI expected -0.1% y/y, Feb -0.2% y/y, Mar Tokyo CPI ex-fresh food expected -0.3% y/y, Feb 0.3% y/y. Mar Tokyo CPI ex food & energy expected -1.0% y/y, Feb -1.1% y/y.
1930 ET	Feb Japan national CPI expected unchanged y/y, Jan +0.1% y/y, Feb national CPI ex-fresh food expected -0.1% y/y, Jan -0.1% y/y. Feb national CPI ex food & energy expected -0.9% y/y, Jan -0.9% y/y.
1950 ET	Feb Japan industrial production expected +1.3% m/m and +3.7% y/y, Jan +1.9% m/m and -1.3% y/y.

Barchart.com provides Financial Quotes, Charts and Technical Analysis for Stock and Commodity Traders.

Jos A Banks - JOSB - Barchart Chart of the DAY

Barchart.com's Chart of the Day - Joseph A Bank Clothiers (JOSB)

Barchart Research Team - Barchart.com - Mon May 09, 7:01PM CDT

Related Stocks

 JOSB - Jos. A. Bank Clothiers

Sym	Last	Chg	Pct
JOSB	52.84	+0.81	+1.56%

The "Chart of the Day" is Joseph A Bank Clothiers (JOSB), which showed up on Monday's list of stocks that had a new "Buy" signal from the Barchart "TrendSpotter" trading system. JOSB on Monday rallied by 1.56%. Monday's daily high of $53.35 was just 4 cents below last Thursday's all-time high of $53.39. A decisive rally above last Thursday's all-time high of $53.39 would be a particularly bullish technical development. In recent news on the stock, JOSB on March 30 report FY2011 EPS of $3.08 versus the consensus of $3.04. Joseph A Bank, with a market cap of $1.4 billion, is a retailer and cataloger of men's tailored and casual clothing and accessories.


How we found the Chart of the Day:
We found the "Chart of the Day" by scanning the Barchart "Trading Signals" page. That page provides a summary of changes in the Barchart signals. We then clicked on the TrendSpotter "Buy" category to obtain a list of all the stocks for which the Barchart TrendSpotter trading system has just turned to a buy. We then clicked on the "Today's Opinion" column header in order to sort the list with the strongest stocks on top. Further information is available at Barchart Signals Guide help page and at TrendSpotter help page.
Barchart's Opinion trading systems are mostly a Buy and Barchart's daily TrendSpotter trading system is a "Buy." Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

• TrendSpotter: Buy
• Short-Term Indicators: 80% Buy
• Medium-Term Indicators: 75% Buy
• Long-Term Indicators: 100% Buy
• Overall Average 88% Buy

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Jos A Banks -- JOSB -- delete

One of the rules you have to follow is that you cannot fall in love with a stock.  That's why with sad heart I must cut Jos. A Banks (JOSB) loose from the Barchart Van Meerten New High portfolio.  One sale last week was buy a wool suit at regular price and get $1,000 worth of merchandise free. The sales they are having this week might be a sign but look at the numbers:

• 60% Barchart short tern sell
• Trend Spotter (tm) sell signal
• Lost 5.98% in the last week
• Relative Strength Index is 39.79% and falling

Jim Van Meerten is an advisor to Marketocracy Capital Management who uses his model portfolios not only to manage their mutual funds but also their clients Separately Managed Accounts. You can read his blogs about those model portfolios and investing here and on Barchart Portfolio Blogs. Please leave a comment below or email JimVanMeerten@gmail.com.


Disclosure: Jim Van Meerten through Marketocracy Capital Management has an interest in the stocks mentioned in this blog.

This may be the safest bank

Retail has always been fascinating to me. Whenever I see a new store open I always go in and look at the inventory and try to decide if they will make it. I'm more often wrong than I am right but I keep doing it any way.

Back in business school we had guest speakers and Pop Essermann who owned the local department store was my favorite. He played the same lame joke on each class of freshmen. He'd say," When things get rough I always sell the socks that cost me a dollar for 75 cents." And always a first year accounting major would ask, " But aren't you losing 25 cents a pair?" Pops always answered," Yes, but I make it up on volume."

Jos. A Banks (JOSB) almost seems to be following Pop's business plan. This morning they advertised that if you buy a sports coat at regular price they will throw in 2 pairs of pants and 2 sports shirts for free. Are they losing money on every sale but making it up in volume like Pops?

Most companies make the same fatal mistake; when things get rough they cut back on advertising to save cash flow. JOSB seems to have done just the opposite. I can't turn on CNBC for 30 minutes without seeing one of their adds. Has that strategy got them noticed?

If you had purchased JOSB last year you would have seen a 93.21% price appreciation vs. the S&P 500 return of 26.77%. Clearly their strategy has helped them get noticed and beat the market. But what about the bottom line?

Since 2004 sales have grown from 186.5M to 502.5 M, profit margins from 5.53% to 8.75% and EPS from .95 per share to 3.46 per share.

It looks like Pops was right, don't worry if you're selling at a loss -- make it up on volume.

The stock has also been noticed by the Motley Fool CAPS members who think the stock will out perform the market by a vote of 355 to 59 and the All Stars voted 95 to 20. The Wall Street consensus was 6 to 1

Now if I could just buy 5 shares for the price of 1 that would be a bargain I couldn't pass up.

Jim Van Meerten is an investor who writes about financial matters here and on Financial Tides. Please leave a comment below or email FinancialTides@gmail.com

Disclosure: No positions in JOSB